Core Viewpoint - Morgan Stanley predicts that Standard Chartered Group (02888) will outperform its peers in the next 30 days, with a probability estimated between 70% to 80% [1] Group 1: Price Target and Rating - Morgan Stanley sets a target price of HKD 176.7 for Standard Chartered and maintains an "Overweight" rating [1] Group 2: Earnings Forecast - The report indicates an 11% upward revision in the earnings forecast for Standard Chartered for this year, with increases of 3.5% and 2% for the following two years [1] Group 3: Return on Tangible Equity - The guidance for the return on tangible equity from Standard Chartered's management has been raised from approximately 13% to about 13% [1] - The bank expects the return on tangible equity to be 13.1% this year, with projections of over 14% from 2027 onwards [1] - The updated guidance for the return on tangible equity is anticipated to be announced in February 2024, with the latest mid-term forecast expected in May 2024 [1]

Core Viewpoint - Morgan Stanley identifies Standard Chartered (02888) as its top pick among bank stocks in Greater China, citing strong Q3 performance and an investor meeting with CFO Diego De Giorgi as key factors for the upgrade in earnings per share (EPS) forecasts for 2023 to 2027 by 3% to 6% [1] Group 1: Financial Performance - Standard Chartered's strong Q3 performance has led to an upward revision of EPS forecasts for the years 2023 to 2027 [1] - The bank's target price has been raised from HKD 168 to HKD 190, reflecting positive financial outlook [1] - The forecast for Standard Chartered's EPS growth in 2028 is projected at 13%, with an adjusted tangible return on equity of 14% [1] Group 2: Dividend and Share Buyback - The total return from dividends and share buybacks for Standard Chartered is projected at 7.5% for the next year, the highest among banks in Greater China [1] - There is potential for upward revision in non-net interest income forecasts, driven by wealth and market business segments [1] - The tangible equity return rate is expected to reach 14% next year [1] Group 3: Market Position and Licensing - Standard Chartered is anticipated to obtain a stablecoin license for issuance in Hong Kong through its branch Anchorpoint, which is expected to positively influence market sentiment [1]

Core Viewpoint - Morgan Stanley identifies Standard Chartered (02888) as its top pick among bank stocks in Greater China, citing strong Q3 performance and an investor meeting with CFO Diego De Giorgi as key factors for the upgrade in earnings per share (EPS) forecasts for 2023 to 2027 by 3% to 6% [1] Group 1: Financial Performance - Standard Chartered's strong Q3 performance has led to an upward revision of EPS forecasts for the years 2023 to 2027 by 3% to 6% [1] - The bank's target price has been raised from HKD 168 to HKD 190, with a projected EPS growth of 13% by 2028 and an adjusted tangible capital return rate of 14% [1] Group 2: Dividend and Buyback Returns - The total return from dividends and buybacks for Standard Chartered is forecasted to be 7.5% next year, the highest among banks in Greater China [1] - There is potential for upward revision in non-net interest income forecasts, driven by wealth and market business, leading to a tangible equity return rate prediction of 14% for next year [1] Group 3: Market Positioning - Standard Chartered is expected to obtain a stablecoin license for issuance in Hong Kong through its branch Anchorpoint, which is anticipated to positively influence market sentiment [1]

报告指，有关预测基于渣打季度业绩强劲，该行亦上调对渣打今年盈利预测11%，明年及后年盈利预测 亦上调3.5%及2%。该行又指，渣打管理层的有形股本回报率指引亦由趋向13%上调至约13%，预计 2026年有形股本回报率指引明年2月公布业绩时更新，最新中期预测则料于明年5月公布。该行料渣打今 年有形股本回报率13.1%，2027年往后为14%以上。 该行目前予渣打目标价176.7港元，评级"增持"。 摩根士丹利发表技术研究报告，预测渣打集团股价未来30日跑赢同业，发生此概率料介乎七至八成或非 常可能。 ...

Core Viewpoint - Morgan Stanley identifies Standard Chartered as the top pick among banks in the Greater China region, citing strong Q3 performance and an upward revision of earnings per share forecasts for 2023 to 2027 by 3% to 6% due to stronger revenue and reduced provisions [1] Group 1: Financial Performance - Standard Chartered's target price has been raised from HKD 168 to HKD 190, with a projected earnings growth of 13% by 2028 and an adjusted tangible return on equity of 14%, maintaining an "Overweight" rating [1] - The bank's total return from dividends and buybacks for next year is forecasted to be 7.5%, the highest among banks in the Greater China region [1] Group 2: Revenue Drivers - There is potential for upward revision of non-net interest income forecasts, driven by wealth and market business, leading to a projected tangible equity return of 14% next year [1] Group 3: Market Sentiment - The bank is expected to positively influence market sentiment by obtaining a stablecoin license for issuance in Hong Kong through its branch Anchorpoint [1] Group 4: Recent Corporate Actions - On October 31, Standard Chartered repurchased 484,100 shares at a cost of £7.515 million [1]

Core Insights - The People's Bank of China announced that six financial institutions in Shanghai successfully connected to the national credit information sharing platform for small and micro enterprises by October 2025, including four foreign banks, one rural commercial bank, and one private bank [1] - The platform aims to enhance the credit information interconnectivity for small and micro enterprises, serving as a crucial financial infrastructure to support high-quality economic development [1] Group 1: Participation and Impact - The inclusion of four foreign banks expands the platform's coverage and enriches the types of participants, injecting new momentum into the platform's support for economic development [1] - HSBC China plans to focus on small and micro enterprises as primary application targets, using the platform's information to verify business authenticity and scale, thereby mitigating financial risks [1] Group 2: Implementation Strategies - Standard Chartered Bank (China) is utilizing the platform for offline collateralized credit products, gradually establishing a mature application mechanism and integrating it into the credit business process [2] - Fubon Bank (China) is implementing application strategies for corporate and retail small micro-enterprise clients, using the platform for pre-loan assessments and post-loan management to reduce financing costs and enhance risk assessment capabilities [2] Group 3: Platform Development and Usage - Since the platform's launch in October 2024, the Shanghai headquarters of the People's Bank has actively supported its development and application, facilitating the connection of various institutions [3] - As of now, 30 banking institutions in Shanghai have connected to the platform, with over 100,000 queries made in the first three quarters of the year, supporting credit worth 41.2 billion yuan for over 6,800 enterprises, with more than 80% being small micro-loan enterprises [3]

Group 1: Financial System Transformation - Standard Chartered CEO Bill Winters predicts a complete rewiring of the financial system with all transactions settling on blockchains and all money becoming digital [1] - The bank has recently launched its spot crypto trading offering, becoming the first Globally Systemically Important Bank (G-SIB) to provide institutional clients with direct access to Bitcoin and Ether in a regulated manner [1][2] Group 2: Trading Services and Market Access - The spot trading service for Bitcoin and Ethereum was launched in July 2025 and integrates with existing trading platforms, allowing clients to trade on familiar Foreign Exchange interfaces [2] - Currently, the trading service is limited to Asian and European trading hours, but 24/5 access is being considered based on client demand [2] Group 3: Regulatory Developments in Hong Kong - The Hong Kong Securities and Futures Commission (SFC) announced changes to connect licensed crypto exchanges with global order books, moving away from the city's closed-loop model [3][4] - SFC CEO Julia Leung emphasized the importance of enhancing market liquidity and business offerings to sustain the growth of Hong Kong's digital asset ecosystem [4] - The SFC will allow trading in virtual assets without a 12-month track record for professional investors and for Hong Kong Monetary Authority-licensed stablecoins [5]

Core Viewpoint - Standard Chartered CEO Bill Winters believes that all global transactions will eventually settle on blockchains and that all money will be digital, indicating a significant shift in the financial system [1][2]. Group 1: Transition to Blockchain - Winters described the anticipated transition as a fundamental restructuring of the financial system, although the exact process of this transformation remains uncertain [2]. - HSBC CEO Georges Elhedery expressed optimism about Hong Kong's fintech future, highlighting the city's leadership in digital asset regulation and support for blockchain experimentation [3]. Group 2: Stablecoin Initiatives - Standard Chartered announced a joint venture with Animoca Brands and HKT in February 2025 to pursue a license for issuing an HKD-backed stablecoin, combining the bank's financial infrastructure with Web3 expertise and mobile wallet capabilities [4]. - The bank participated in the Hong Kong Monetary Authority's stablecoin issuer sandbox, which launched in July 2024 [4]. - Multiple institutions are competing to build payment settlement networks through stablecoin initiatives, indicating a competitive landscape in this area [5]. Group 3: Digital Asset Services - Standard Chartered launched an integrated spot trading service for Bitcoin and Ether in July 2025 for institutional clients, offering trading pairs for these digital assets [6]. - The bank has expanded its digital asset offerings through partnerships, including institutional crypto custody services with OKX in Europe [6]. Group 4: Regulatory Environment - Hong Kong regulators have established multiple sandbox programs and regulatory frameworks to position the city as a global digital asset hub, supporting blockchain innovation through licensing regimes and pilot programs for financial institutions [7].

渣打集团(02888.HK)10月31日耗资751.5万英镑回购48.41万股 大摩：升渣打集团目标价至176.7港元 重 申"增持"评级 相关事件 瑞银集团将渣打银行目标价从1537便士上调至1765便士。 ...

Group 1 - Standard Chartered CEO Bill Winters predicts that nearly all global transactions will be completed through digital blockchain ledgers as mainstream banks and financial institutions increasingly adopt cryptocurrencies [1] - Winters emphasizes that the financial system will be fundamentally reshaped, necessitating practical exploration of this transformation [1] - Tokenized assets, which are digital versions of real assets like stocks, bonds, or commodities, can be recorded and traded on blockchains or distributed ledgers [1] Group 2 - Winters believes that Hong Kong dollar stablecoins could emerge as a new digital payment method in international trade [2] - In August, Standard Chartered (Hong Kong) announced a joint venture with Animoca Brands and HKT to focus on the issuance and promotion of regulated stablecoins [2] - The Hong Kong Monetary Authority and the Securities and Futures Commission issued a joint statement regarding recent market fluctuations related to stablecoins, which appear to stem from announcements and speculations about stablecoin issuance licenses [2]